Petro Horizon Initiates a 43-101 Report on its Lithium, Rare Metals Project _________________________________________________________________March 17, 2010
The Company is pleased to announce that it has retained Mercator Geological Services Limited to expedite the completion of a 43-101 report on the Brazil Lake Lithium and Rare Metals Property. Upon receipt of the 43-101 report expected within the next 45 days, the company will announce its 2010 work program immediately thereafter. Mercator Geological Services Limited is based in Dartmouth, Nova Scotia and has extensive experience with local Nova Scotia geology including the granitic intrusions similar in age to those that are thought to be associated with Brazil Lake Lithium Rare Metals Property. An initial site visit was recently conducted in early March attended by Mercator geologist, Mike Cullen and Petro Horizon's president, Ron Bourgeois. The trip also included several meetings with community and business leaders and well as meetings with the Nova Scotia Department of Natural Resources. Petro Horizon president, Ron Bourgeois stated“ My initial impression is there is significant support from both the provincial government and the local mining industry in our propose endeavour at Brazil Lake. “ To see photos of the trip, click here: http://www.tr.im/S8ne
About Brazil Lake Lithium Rare Metals Project
The 3,160 acre property that is yet to be diligently explored by the company, is located approximately 30 Kilometers north of Yarmouth, Nova Scotia and12 kilometers west of the Avalon Rare Metals (AVL) East Kemptville Project. Drilling to date on the Property has successfully revealed two Lithium bearing pegmatite dikes in addition to a host other rare metals such as tantalum, niobium, beryllium, tungsten tin and rubidium. Metallurgical bench testing to date has also revealed other potential economic targets include cosmetic grade mica, silica chloride, aluminum chloride and rubidium enriched potassium feldspar. The two identified lithium and rare metal bearing pegmatite dikes that appear at surface have been defined by drilling to be up to 20 meters wide and having exposed lengths up to 300 meters long. The deepest drill hole intersected the dikes at 50 meters depth. Both pegmatites remain open at depth and future drilling in the upcoming work program will attempt to extend the depth of the dikes to a minimum of 100 meters.
The signature dispersal train of pegmatite boulders identifying the currently drilled pegmatites will assist in identifying three other boulders fields indicating potential pegmatite targets. .Geochemical surveys have also assisted in the identification of these additional targets It is well know that pegmatites occur in swarms and therefore, the company, in addition to the drilling program on the currently established two dikes, plans to carry out a detailed prospecting program to source other potential targets. Lithium on the property is hosted by the mineral spodumene which makes up approximately 14 to 20% of the pegmatites. The lithium oxide (Li²O) content in the spodumene is approximately 7.4% to 7.7%. The Contained Rare Metals
On March 2nd, the Company announced assay results from the drill holes that addressed the rare metals contained within the pegmatites. These included rubidium (“Rb”), beryllium (“Be”) and tantalum (“Ta”). Examples of the grades included Hole #02-15 in the lithium pegmatites which returned values up to 1398 parts per million (“ppm”) Rb over 15.3 meters including 2625 ppm Rb over 4.2 meters. Hole #02-24 in the lithium pegmatites returned values up to 200 ppm Be over 35.8 meters including 304 ppm Be over 14.9 meters. Hole #93-2 in the lithium pegmatites returned values up to 102 ppm Ta over 24 meters including 541 ppm Ta over 1.0 meter. Metallurgy regarding the rare metals was addressed in previous metallurgy work that was confirmed at Dalhousie University. The results were positive and encouraging and it is the company’s intentions to release news on these results shortly. John F. Wightman, M. Sc., FGAC, P. Eng., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release. The company, announces the granting of 50,000 stock options to a consultant of Petro Horizon Energy Corp. The options shall be exercisable at a price of $0.35 per share and shall have a term of two years. On Behalf of the board of directors, “Ron Bourgeois” Ron Bourgeois, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements relate to future events or future performance and reflect Petro Horizon’s management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petro Horizon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
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For further information: Petro Horizon Energy Corp, Vancouver, BC,
Tel: (604) 488-3900, email: [email protected]
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